Mississippi Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Mississippi statute, businesses engaging in the sale or issuance of checks or receiving money or monetary value for transmission within or outside the U.S. must obtain a money transmitter license.
Specific license requirements for Mississippi money transmitters.
Registering as a transmitter in the state of Mississippi requires the following fees and documentation:
What are the Mississippi surety bonding requirements?
Bonding requirements for Mississippi money transmitter license include:
Requirements for transmitters operating in Mississippi include a surety bond of at least $25,000, equal to the amount of outstanding money transmissions in the state, amounting no more than $500,000. The commissioner can raise the amount.
Additional resources: Mississippi Money Transmitters Act
Who needs to be licensed as a money transmitter licensee?
Under Mississippi statute, businesses engaging in the sale or issuance of checks or receiving money or monetary value for transmission within or outside the U.S. must obtain a money transmitter license.
Specific license requirements for Mississippi money transmitters.
Registering as a transmitter in the state of Mississippi requires the following fees and documentation:
- Identifying information
- Legal name, residence, percent ownership of each owner, member, partner, director, and principal officer of company
- States in which business is licensed for money transmitting, and name and address of registration agency
- List of branches and locations in Mississippi through which business will engage
- Total monetary value and number of outstanding transactions
- Civil or criminal proceedings or convictions that involve theft, fraud, dishonest dealings, or moral turpitude
- Suspension, denial, or revocation of license from owner, bene owner, member, officer, or director by any state or federal agency
- Past violations of Mississippi Sale of Checks Law or connections with any businesses in violation of Mississippi or similar law
- Federal MSB registration form with the US Department of Treasury
- Copy of SAS 70 audit, if available
- $800 initial application fee
- Financial statements, including balance sheet, statement of income or loss, statement or changes in shareholder equity (if applicable) and statement of changes in financial position for the current year and the preceding two year period
- Demonstrated net worth of $25,000 + $15,000 for each additional location, not amounting to more than $250,000
- Sample copy of payment instrument
- Explanation of any stored value card or similar product, including reloading and activating cards
- Copy of written agreement between applicant and bank
- Copies of Certificate of Good Standing from state of incorporation, articles of incorporation, articles of organization, operating agreement, and partnership agreement
What are the Mississippi surety bonding requirements?
Bonding requirements for Mississippi money transmitter license include:
Requirements for transmitters operating in Mississippi include a surety bond of at least $25,000, equal to the amount of outstanding money transmissions in the state, amounting no more than $500,000. The commissioner can raise the amount.
Additional resources: Mississippi Money Transmitters Act
